Berkeley: Stamp duty is suffocating the market

HOUSEBUILDER Berkeley has warned stamp duty is suffocating the London housing market as it saw a revolt over a £28m payout to its bosses.

Official figures have shown prices in the capital are falling at the fastest pace since the financial crisis, which Berkeley blamed on stamp duty rises introduced in 2014 by then-chancellor George Osborne.

It said: ‘London remains constrained by high transaction costs, restrictive income multiple limits on mortgage borrowing and prevailing economic uncertainty, accentuated by Brexit.’

Its warning came as nearly 8pc of shareholder votes were cast against a pay report at its annual general meeting. Berkeley’s seven executives were handed £28.3m overall for the year to April 30. The group has warned of a profits dip next year of around 30pc after a 15pc surge in the year to April.